v3.26.1
Share-based awards (Tables)
 12 Months Ended
Mar. 31, 2026
Share-based awards  
Schedule of share-based compensation expense by function

 

Year ended March 31,

 

 

2024

 

 

2025

 

 

2026

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

(in millions)

 

Cost of revenue

 

 

3,012

 

 

 

2,162

 

 

 

2,023

 

Product development expenses

 

 

7,623

 

 

 

6,700

 

 

 

6,016

 

Sales and marketing expenses

 

 

2,265

 

 

 

2,137

 

 

 

2,321

 

General and administrative expenses

 

 

5,646

 

 

 

4,578

 

 

 

4,461

 

 

 

18,546

 

 

 

15,577

 

 

 

14,821

 
RSUs  
Share-based awards  
Summary of changes in the RSUs

A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2026 is as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

average

 

 

Number

 

 

grant date

 

 

of RSUs (iii)

 

 

fair value

 

 

 

 

 

US$

 

Awarded and unvested as of April 1, 2025

 

 

44,859,478

 

 

 

100.65

 

Vested

 

 

(18,702,211

)

 

 

115.81

 

Canceled/forfeited

 

 

(2,434,911

)

 

 

90.22

 

Awarded and unvested as of March 31, 2026 (i)

 

 

23,722,356

 

 

 

89.76

 

Expected to vest as of March 31, 2026 (ii)

 

 

21,143,315

 

 

 

90.20

 

 

A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2026 is as follows:
 

 

 

 

 

 

Weighted-

 

 

 

 

 

average

 

 

Number

 

 

grant date

 

 

of RSUs (iv)

 

 

fair value

 

 

 

 

 

HK$

 

Awarded and unvested as of April 1, 2025

 

 

9,435,535

 

 

 

123.53

 

Granted

 

 

78,651,801

 

 

 

122.32

 

Vested

 

 

(13,153,093

)

 

 

121.32

 

Canceled/forfeited

 

 

(3,367,614

)

 

 

118.01

 

Awarded and unvested as of March 31, 2026 (i)

 

 

71,566,629

 

 

 

122.86

 

Expected to vest as of March 31, 2026 (ii)

 

 

63,604,272

 

 

 

123.08

 

 

 

(i)
No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant.
(ii)
RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs.
(iii)
Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award under the 2014 Plan.
(iv)
One ordinary share is issuable upon the vesting or the exercise of one share-based award under the 2024 equity incentive plans.
Options  
Share-based awards  
Summary of changes in the share options

A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2026 is as follows:
 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

average

 

 

Number

 

 

average

 

 

remaining

 

 

of share

 

 

exercise

 

 

contractual

 

 

options (iii)

 

 

price

 

 

life

 

 

 

 

 

US$

 

 

(in years)

 

Outstanding as of April 1, 2025

 

 

6,635,667

 

 

 

88.89

 

 

 

4.5

 

Exercised

 

 

(2,007,667

)

 

 

72.78

 

 

 

—

 

Canceled/forfeited

 

 

(1,000,000

)

 

 

182.48

 

 

 

—

 

Outstanding as of March 31, 2026

 

 

3,628,000

 

 

 

72.00

 

 

 

5.2

 

Vested and exercisable as of March 31, 2026 (i)

 

 

2,173,000

 

 

 

71.86

 

 

 

3.9

 

Vested and expected to vest as of March 31, 2026 (ii)

 

 

3,628,000

 

 

 

72.00

 

 

 

5.2

 

A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2026 is as follows:
 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

average

 

 

Number

 

 

average

 

 

remaining

 

 

of share

 

 

exercise

 

 

contractual

 

 

options (iv)

 

 

price

 

 

life

 

 

 

 

 

HK$

 

 

(in years)

 

Outstanding as of April 1, 2025

 

 

2,933,332

 

 

 

68.00

 

 

 

5.9

 

Granted

 

 

25,439,998

 

 

 

130.92

 

 

 

9.4

 

Outstanding as of March 31, 2026

 

 

28,373,330

 

 

 

124.41

 

 

 

8.9

 

Vested and exercisable as of March 31, 2026 (i)

 

 

—

 

 

 

—

 

 

 

—

 

Vested and expected to vest as of March 31, 2026 (ii)

 

 

28,068,375

 

 

 

125.03

 

 

 

9.0

 
Schedule of fair value assumptions

 

Year ended March 31,

 

2024

 

2025

 

2026

Risk-free interest rate (i)

 

4.50%

 

3.36% - 4.49%

 

2.16% - 2.71%

Expected dividend yield (ii)

 

0%

 

0%

 

0%

Expected life (years) (iii)

 

6.50

 

4.45 - 4.75

 

4.45 - 7.50

Expected volatility (iv)

 

44.80%

 

48.51% - 49.44%

 

49.18% - 51.78%

 

(i)
Risk-free interest rate is based on the risk-free yields with maturities similar to the expected life of the share options in effect on the measurement date.
(ii)
For the share options granted during the years ended March 31, 2024, 2025 and 2026, expected dividend yield is nil as the Company decided to pay upon the exercise of such share options in an amount equivalent to the dividends as detailed in Note 31 to the participants.
(iii)
Expected life of share options is based on management’s estimate on timing of exercise of share options.
(iv)
Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant.